Yes Bank says no to Braich’s USD 1.2 billion offer

The bank on Friday also said it will take up Citax Holdings, and Citax Investment Group investment offer in the next board meeting. The private lender said that it received an updated proposal from Braich but the “board has decided not to proceed with the offer” after postponing a decision on his binding offer of $1.2 bn, 60 per cent of the total capital the bank aimed to raise.

Yes Bank, however, after its five-hour long board meet on Friday, said it is willing to “favourably consider the offer of $500 million of CitaxHoldings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting.”